SAN FRANCISCO – Wells Real Estate Investment Trust II has acquired 333 Market Street, a 33-story office tower in the heart of San Francisco’s Financial District. The Class A asset was purchased from the Korean Federation of Community Credit Cooperatives. The 657,000-sf building, constructed in 1979, has undergone over $80 million in capital investments and tenant improvements over the past eight years. The building is fully leased to Wells Fargo Bank.
“We are pleased to add this trophy-quality asset to the Wells REIT II portfolio,” said Nelson Mills, president of Atlanta-based Wells REIT II. “This strategic acquisition in one of the nation’s premier office markets helps to further improve the institutional-quality of the portfolio overall.”
Wells REIT II was represented internally by Keith Willby, senior vice president, capital markets. The Wells REIT II portfolio includes 82 office buildings in 20 states and Washington, D.C., and one international property, totaling 21 million sf.